FRANCE: Brossard owner Limagrain reports FY sales, profits jump

Limagrain, the French agricultural co-operative, has posted an increase in full-year sales and profits.

The group posted net income of EUR92m for the year to 30 June compared to EUR69m the previous year. Like-for-like sales jumped 11.6% to EUR1.56bn. They were up 15.3% if acquisitions, including that of French baker Brossard, were taken into account.

Limagrain CEO Daniel Chéron said: "We are pursuing our dynamic march forward, preparing our future through a strategy of sustained internal growth and targeted external growth. Two highlights of the fiscal year were the acquisition of Brossard in France and the alliance with the Brazilian seeds company Sementes Guerra."

The company added that the year "passed in a favorable environment, with a rise in cultivated acreage, in spite of the persistent volatility in the prices of agricultural raw materials".

Limagrain also announced the appointment of current vice-chairman of Limagrain Jean-Yves Foucault as chairman. He will replace Pierre Pagesse who has served as chairman since 1992.